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August Sales Report

July’s statistics have been very encouraging for the real estate market in our area. We are still in a very balanced market between Buyers and Sellers. According to Peterborough and Kawarthas Association of Realtors, July has seen a decrease of listings from 2011 of 12% but number of sales in 2012 have remained consistent with 2011. Year to date we are up in 2012 by 4% from 2011 for sales. This has been consistent across the nation. According to statistics released today by TheCanadian Real Estate Association (CREA), national resale housing activity remained stable from June to July 2012.

“Recent changes to mortgage regulations were widely expected to temper sales and prices in Greater Toronto and Greater Vancouver, and the data released today confirms that,” said Wayne Moen, CREA President. “Even so, sales and price trends can be very different from one market to the next, and run counter to national trends. Buyers and sellers should talk to their REALTOR® tounderstand how the housing market is shaping up in their area.”

“Some first-time home buyers may have difficulty qualifying for mortgage financing due to shortened amortization periods included in recent changes to mortgage regulations,” said Gregory Klump, CREA’s Chief Economist “As the lynchpin of the housing market, lower first-time buying activity will have knock-on effects over the rest of the market. It will likely take more time for move-up buyers to sell their current home.”

On another note, the Peterborough Lakes have once again reached the MSL finals. If you want huge bang for your entertainment buck, I highly recommend catching a game in the finals. Awarning to you, you may get hooked on lacrosse!

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Market watch Peterborough and the KawarthasWell, 2017 is over and reflection of that crazy, unpresidented sales year is looked at. The final inflation of value ended up at 22%. So if your house was worth $300,000 at the beginning of 2017 it will be now worth approximately $366,000. Most people make less than that in a year of work!

Usually Peterborough and the Kawarthas works with a 3 to 5% increase year after year. At one time earlier in 2017 values were up over 27%. Crazy.

So what will 2018 bring? Good question. I feel the market will be more balanced but the value increase will stick from 2017. I do not see values dropping 22% to get back to our "normal" levels of value.